The deadline to register with AusIndustry for the R&D Tax Incentive ends on 30 April.
The tax incentive is there to help businesses offset some of the costs of doing R&D. The program is open to businesses of all sizes in all sectors that undertake eligible R&D. If your business' activities are eligible, the offset can be a huge benefit offering:
Â· a 45% refundable tax offset (equivalent to a 150% deduction) to eligible entities with an aggregated turnover of less than $20m pa; or
Â· a non-refundable 40% tax offset (equivalent to 133% deduction) to all other eligible entities.
If you are uncertain whether your business would qualify for the R&D Tax Incentive, contact us today.